No-action clause bars certificate holders from suing originators of securitized loans *

USA - September 28 2012
The Appellate Division of the New York Supreme Court, First Department, recently upheld a lower court decision barring holders of certificates issued by a securitization trust (the "Holders") from pursuing a derivative suit against loan originators who allegedly made false representations and warranties about the characteristics and credit quality of residential mortgage loans sold to the trusts.

Co-authors: Paul Rubin.

The cheese stands alone": United States trustee forces transfer of Houghton Mifflin Harcourt cases despite objection of all other parties *

USA - July 13 2012
Congratulations! You just successfully negotiated a prepackaged chapter 11 plan of reorganization for a multi-billion dollar enterprise which leaves general unsecured creditors unimpaired and has been unanimously approved by the debtors' creditors. 

Co-authors: Paul Rubin, Stephen Selbst.